Variable Measurement, Sampling Selection, And Empirical...

3. Variable measurement, sample selection, and empirical design 3.1. Variable measurement and sample selection Before the Securities and Exchange Commission (SEC) reformed the executive compensation disclosure requirements regarding inside debt in 2006, it is very difficult to find out information related to the deferred compensation. Therefore, following Sundaram and Yermack (2007), the data set used in this paper for the period before 2006 consists of the pension data only, and ignores the minority of the cases for which deferred compensation data are available. Sundaram and Yermack (2007) calculate the actuarial present values of each CEO’s pension at the end of each fiscal year. They calculated the actuarial present value of a CEO’s pension by using the following formula – ∑_(n=max⠁ ¡(0,R-A))^(K-A)ââ€"’p(n)X/ã€â€"(1+d)ã€â€"^n Where X is the annual pension amount, R is the minimum retirement age, A is the CEO’s current age, p(n) is the probability that the CEO is alive n years in the future, collected separately for male and female CEOs from the actuarial tables published by the U.S Social Security Administration, d is the cost of long term debt, and K is the terminal year of the pension (maximum is set 120). Collecting pension data following the above procedure is time consuming. It involves checking each company’s proxy statement, and identifying the disclosed annual pension payments in matrix form, as required by the SEC. I collect the observations from 2007 to 2013 from StandardShow MoreRelatedHuman Relations, Employee Retention And Organizational Culture1687 Words   |  7 PagesThe research methodology can be described as the different processes, structural dispensation, framework, methods, designs, and systems through which the social scientist intends to empirically carry out his or her research work. 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